XP Private Bank
“Can Brazil's leading independent broker become the full financial OS for Brazilian consumers and SMBs — spanning investing, banking, credit, cards, acquiring, and cross-border?”
Founded2001
HQSão Paulo, Brazil
FoundersGuilherme Benchimol, Marcelo Maisonnave
Valuation~US$12B market cap (2026)
IndustryFintech / Investment
The story
Founded 2001 as an independent brokerage in Brazil, XP became the country's largest independent investment platform and went public on Nasdaq in 2019. It has since expanded well beyond brokerage into banking, credit cards, insurance, and international investing (via XP International US). In 2025-2026 it moved into merchant acquiring / card machines, directly challenging Stone and Cielo — signaling ambitions to be a full-service financial platform, not just a wealth manager.
Product timeline
2001
Founded in Porto Alegre as an independent investment agent firm.· pivot
2005
Launched XP Resource Management (asset management arm).· pivot
2019
IPO on Nasdaq (ticker: XP).· ipo
2025
Card TPV reached R$52.2B (~US$10.3B); 1.5M active cards including 1M credit cards.· card
2026
Launched card machines (acquiring) to challenge Stone and Cielo in Brazilian SMB payments.· pivot
Regulated entities
3
regulatory licences held by XP Private Bank
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
7 layers disclosed in XP Private Bank’s embedded-finance stack
Payments / PSP
XP Acquiring (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Insurance
in the full report
Open banking
in the full report
Investing
in the full report
Accounting gap: none
10 more providers across 6 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.